WHEAT SLUMP

Grey River Argus, 5 October 1934, Page 7

WHEAT SLUMP

CANADIAN EFFORT To Stem the Fall (Aus. & N.Z. Cable Assn.) (Received October 4 at 7.5 p.m.) WINNIPEG, October 3. “Until the actual consumers want the, wheat, the Canadian Government Agency will not sell its holdings,” stated Mr. John I. McFarland, General Manager of the Canadian Wheat Pools Central Selling Agency, to-night. The Agency has been supporting the market since the fall movement, and it is continuing to give support, Mr. McFarland declared. He emphatically denied rumours that the Canadian Government was dumping its holdings on the market. These rumours had been circulated through the leading grain exchanges of the world, and in two days the Winnipeg prices had slumpel six cents. He added: “Let me reiterate that, despite the recent pressure on the price structure from abroad, the fundamental conditions of the world grain market are unchanged, and before this cereal season is over, all of our surplus will be required for food and seed.” Mr. McFarland pointed out that ninety-five million bushels of western Canadian wheat had been marketed to date, saying: “This is very close to one half of the deliverable wheat crop, and a very large percentage of the remainder has been damaged by frost, rain, and snow, and is not in a fit condition to thresh. The great bulk of the wheat remaining in farms, therefore, is low grade milling wheat, or in the feed class.”

AUSTRALIAN PRICE. (Aus. & N.Z. Cable Assn.) (Received October 4 alt 10.10 p.m.) SYDNEY, October 4. Wheat at country sidings, bagged, is now quoted 2/0| per butfhel and in bulk at 1/114, equal to about 2/7j ex trucks at Sydney. Flour is £8 per ton, bran £5, pollard £5 ss. po'taitoes, Tasmanian £ll Ito £l3 and Victorian £ll 10s; onions, Victorian brown Spanish £9 10s; maize, yellow 3/1. white 3/4. ADELAIDE. October 4.

Wheat is quoted in growers’ lots at 2/9; flour in bakers’ liots at £8 7/6. bran and polla.rd £5 5/-. oats. Algerian 2/3, barley 2/6 to 2/10.